This is a way of buying some extra pension directly from us. There is a maximum amount you can boost your pension by (currently £7,026, but will change each year with inflation). So there's quite a lot of scope. And you can choose to either pay this by instalments or with a one off payment. Sorry, your employer is unlikely to pay towards the cost.
What's the cost?
The cost depends on many things - your age, gender, payment period, and how much extra pension you wish to buy. You can pay monthly or make a one off payment.
For example, Brenda is 38 and wants to buy an extra £2,000 of yearly pension. This would cost her:
- £15,944.40 as a one off payment
- £658.24 per month if paid over 2 years
You can get a rough idea of the cost by going on the APC online calculator .
Please do not click the get application button as this is an external site .
Can anyone pay APCs?
As long as you currently pay into the main scheme (rather than the 50/50 option) yes you can. You will have to pay for a doctor's certificate to confirm you are likely to be fit enough to complete the payments.